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Air Force on track to meet 2014 financial deadline, official says

Air Force leaders are claiming progress in meeting a 2014 deadline for having better financial records.

Defense Secretary Leon Panetta wants all of DoD to have auditable financial statements by then. He moved the deadline up from 2017.

Robert Hale, the undersecretary of Defense and the DoD comptroller, told the House Armed Services Committee he was reasonably confident DOD would make it.

Marilyn Thomas, the Air Force comptroller, told the committee her staff has made significant progress. But she said work is still needed on improving systems that support Air Force accounting and finance.

Another challenge is establishing beginning balance statements on financial activities that have been going on for many years.

This story is part of Federal News Radio's daily DoD Report. For more defense news, click here.